Adani Transmission buys RInfra's Mumbai power biz; shares surge up to 10%

Adani Transmission has locked in upper circuit of 10% at Rs 225, while Reliance Infrastructure surged 7% to Rs 498 on back of three-fold jump in trading volumes on the BSE.

Shares of Adani Transmission and Reliance Infrastructure (RInfra) surged up to 10% on the BSE in intra-day trade after RInfra signed a definitive binding agreement with Adani Transmission for sale of its integrated Mumbai power business for total consideration of Rs 18,800 crore.

RInfra Mumbai Power Business includes integrated business of generation, transmission and distribution (GTD) of power for Mumbai.

“Total deal value is at Rs 13,251 crore. This comprises of business valued at Rs 12,101 crore and regulatory assets approved so far of Rs 1,150 crore,” RInfra said in a press release.

In addition, regulatory assets